Vacant Businesses Incentive Program

By mmuise
Description:

The Vacant Businesses Incentive Program encourages the purchase or rental of vacant buildings within the limits of the City of Bathurst, thus encouraging economic development in the City of Bathurst and contributing to the beautification of the surrounding areas.


Comments on Funding:

Funding is up to 3% of renovations made to the eligible property, with a maximum amount of $30,000.00. In addition, the City will provide a tax rebate based on the value of the building permit for the renovations.
The rebates will be on a declining scale, for the duration of the contract as follows:
1. Year 1: 75%;
2. Year 2: 50%;
3. Year 3: 25%;

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • own any property downtown or in East Bathurst on which a commercial building has been vacant (or with less than 50% occupancy) for a year or more;
  • demonstrate how the proposed project will increase the assessment of the property and create jobs. Only new ownerships will be considered.
Application Steps:

Steps to be followed by the applicant:

1. the applicant will schedule an appointment with the Program Administrator who will determine eligibility. The applicant must be ready to provide information on the property and the proposed project;

2. the City will then establish the amount of the contribution and provide the applicant with a written Agreement;

3. the contribution will be paid in the year following the receipt of confirmation from the Planning Department that the building inspection is complete, and that the applicant has complied with all the terms of the Agreement.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

-

About the author
mmuise